AM I NEXT? NO LOVE AT PRUDENTIAL FINANCIAL

Newark, New Jersey-based Prudential Financial, an iconic company whose subsidiaries provide insurance, retirement planning, investment management, and other financial products and services to both retail and institutional clients, has announced a reduction in force.

The personnel realignment will impact 145 employees in 2024, following a November 2023 layoff of 243 senior positions. The layoffs will be phased, commencing on April 15, 2024, and reaching completion on September 30, 2024.

According to a company spokesperson, “We’re taking new steps to simplify our organizational structure by reducing management layers, complexity, and costs while making investments in technology and data platform. Our goal is to empower faster decision-making and bring our integrated business teams closer to our customers and clients.”

“The recently filed WARN notices are part of the previously discussed organization structure changes and cost reduction efforts. Prudential continually reviews its organizational structure on behalf of its customers to drive growth and maintain its competitive position in the marketplace. This includes periodically eliminating certain roles that no longer align with our strategy. We have approximately 40,000 employees in 40 countries. Headcount is just one of a number of factors we consider when looking at costs and business efficiencies.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

LAYOFFS: NO LOVE AT CNO FINANCIAL

Carmel, Indiana-based CNO Financial Group, a provider of life insurance, annuity and supplemental health insurance products, has announced corporate restructuring plans that will result in a reduction in force of 230 employees. The company plans to achieve significant cost savings by consolidating and centralizing core business functions including marketing, finance, sales training/support and agent recruiting. According to a company spokesperson, job cuts will be distributed among the company’s Carmel, Indiana (Washington National), Chicago, Illinois (Banker’s Life), and Philadelphia, Pennsylvania (Colonia Penn) offices and will include both leadership and associate positions.

CEO Gary Bhojwani noted “CNO is transforming its organizational structure to build a leaner, more agile company,” said in a written statement.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

LAYOFFS: PACIFIC LIFE INSURANCE COMPANY (10/20/20)

OCTOBER 20, 2020 - 300 POSITIONS ELIMINATED IN REALIGNMENT COST-CUTTING

The company has announced that it will be eliminating 300 positions, including 32 employees in Lynchburg, Virginia, and while most of the layoffs have already occured, some will continue through first quarter 2021.

The decision was driven by business conditions that have seen severe business disruptions attributable to the global pandemic, falling interest rates, and consumer finance problems.

According to a company spokesperson, “As we work toward transformational goals designed to deliver sustained value to our organization and those we serve, the coronavirus pandemic, the current sustained low interest rate environment, and our strategy to improve operational efficiency have created a need to readjust internal resources.

“The majority of employees impacted reside in Orange County [California] but included others throughout the country. We are constantly evaluating our business to ensure Pacific Life has the right structure to accomplish its goals and best serve the long-term interests of our clients.”

Original post…

Newport Beach, California-based Pacific Life Insurance Company has announced that it will be outsourcing its IT operations at its Newport Beach headquarters and elsewhere to third-party business process outsourcers. The consequence of this action will be that 54 employees will be laid off in Lynchburg, Virginia; Omaha, Nebraska; Newport Beach, California; and Aliso Viejo, California.

A company spokesperson commented that the “terminations were part of an ongoing effort to find the right technology service for the company at the right cost. This includes partnering with quality service providers that can bring us external best practices, innovation and efficiency.”

It is rumored that two India-based outsourcing companies are involved: TCS (Tata Consultancy Services) and Cognizant.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?